DALLAS, June 27, 2012 /PRNewswire/ -- BAYSIDE CORPORATION (PINKSHEETS: BYSD), an energy exploration, development and production company building oil and gas reserves, today announced production results from the re-work of well #18 on the Government Wells, S. Field, located in Duval County, Texas.
The re-work of well #18 was successfully completed in just over one day and is currently producing an average of 3 to 4 barrels of oil a day. The production from this well at the current price of oil represents gross revenues of over $200,000.00 a year. The Company holds three leases in this field totaling 1,876 acres. A total of 9 reworks/re-completions plus the drilling of 2 new wells will be accomplished in the initial phase of this program. The Company has 34 wells to rework and/or re-complete and approximately 30 additional developmental locations. The field produces from the Government Wells sands at depths ranging from 2,300' to 2,400'. Additionally, there are Loma Novia sands present below the Government Wells that are productive as well.
Gordon Johnson, the CEO of Bayside Corporation, stated, "The re-work of well #18 is exciting and represents the true nature of Bayside's business model. This particular well was re-worked in just over one day and at minimal costs, and the payback on this particular well was less than 60 days. Well #18 is really the essence of our business model, re-working existing wells where there are known oil and gas reserves. Bayside's model offers a low risk potentially high reward opportunity that well #18 typifies. Using this business model we will continue to aggressively seek out all possible acquisition opportunities that have the potential to increase revenue to the Company and add shareholder value going forward."
About Bayside Corporation OTC: BYSD Bayside Corporation is an energy exploration, development and production company building oil & gas reserves and production in some of the most prolific hydrocarbon bearing regions of the United States. The Company specializes in the business of reworking & re-completing 'marginal' oil & gas wells located in the thousands of mature oil & gas producing fields across much of the United States.
Media Contact: Ron Irwin Tel: 310-908-0889
eMail: [email protected]
Shareholder Relations Contact: Panorama Consultants (888-982-2008)
eMail: [email protected]
For additional information on the Company visit our website at: http://baysidepetroleum.com/
This press release may contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such projections or statement reflect the company's current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that such projections will be achieved and that actual results could differ materially from those projected. Important factors that could cause actual results to differ from those projected, are decreases in oil and gas prices or decreases in oil and gas production. The company's actual results could differ materially from those discussed herein. Forward-looking statements are subject to risks and uncertainties, including, but not limited to, government regulation, taxation, spending, competition, general economic conditions and other risk factors which could cause actual results to differ materially from those projected or implied in the forward-looking statements.
SOURCE Bayside Corporation